Financial advisors not hip to Registered Disability Savings Plans (RDSPs) may be hesitant to hand over the reins to the banks.
According to Natalie Jamison, a wealth advisor with ScotiaMcLeod in Oakville, coordination efforts get skewed if you have to outsource a key aspect of a family’s holistic wealth-management plan. Setting up an RDSP requires just this – a bank’s direct involvement – as wealth-management firms don’t offer these plans.
“A small inconvenience is that once an RDSP is set up at the bank, I don't have access to the account information for the purpose of our financial reviews with clients, so we always have to ask them to bring in copies of their statements,” Jamison explains.
“For many parents, this is an emotional topic, which they find hard to discuss with strangers. For that reason, I would prefer not to outsource the RDSP, but rather manage it in-house as a part of the client's overall wealth plan." (continued on Page 2.)